If you are like most people, purchasing a home is one of the biggest financial commitments that you can make. You will realise along the journey that mortgage protection is requirement from the lending institution. What they won’t explain is the following;
What is mortgage Protection?
Mortgage protection is a life insurance policy that is designed to pay off your loan should you die during the term of the mortgage. Mortgage protection plans may appear to be the same but they’re not. Certain plans give you a lot more for your money.
What do the banks offer?
Depending on the bank in question they are usually tied to one particular life insurance company. This effectively means they are only able to quote with one specific company.
Why is this bad?
There are always great offers in the market and the offers and rates vary significantly between each of the providers in the market. In some cases the banks are unable to offer you the cheapest and most suitable offering on the market because they don’t have full access to all of the products on offer.
What savings can I make from using a broker?
Let’s take a really simple case of a €12 per month difference between two mortgage protection cases. If we assume the policyholder has a 35 year mortgage in place the potential saving between these plans is €5,040. (€12x12x35).
If you find yourself in the market for mortgage protection or life insurance don’t delay speak to the insurance people today 01-6674985.